Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, local media report.

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Fast facts

  • Nischal Shetty and Siddharth Menon have reportedly moved to Dubai along with their families. 
  • “Crypto has no boundaries,” WazirX CEO Shetty tweeted yesterday. 
  • The company’s entire workforce operates remotely despite offices in Mumbai and Bengaluru. 
  • “WazirX is headquartered in Mumbai and Bengaluru, and there is no change in any of our operating procedures,” a spokesperson told local media. “It is business as usual.”
  • Several investors and traders have also been relocating to Dubai as the country offers crypto-friendly regulations, while India continues to rein in digital assets trading. 

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